NMS vs SPY
Nuveen Minnesota Quality Municipal Income Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, NMS or SPY?
Municipal Minnesota against Large Cap Blend.
SPY led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | NMS | SPY |
|---|---|---|
| Expense Ratio | - | 0.09% |
| AUM | - | $804.7B |
| Dividend Yield | 7.00% | 0.98% |
| Holdings | 145 | 505 |
| YTD Return | -8.57% | +12.09%Best |
| 1Y Return | -8.28% | +16.29%Best |
| 3Y Return (annualized) | +6.31% | +21.20%Best |
| 5Y Return (annualized) | -3.63% | +13.37%Best |
| Volatility (annualized) | 13.4%Best | 14.9% |
| Max Drawdown | -41.8% | -34.1%Best |
| $10,000 over 5 years | $8,312 | $18,728Best |
| Fund Family | Nuveen | State Street Investment Management |
| Category | Tax Preferred | Equity |
| Style | Municipal Minnesota | Large Cap Blend |
| Inception | Jun 25, 1993 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Oct 8, 2014 to Sep 18, 2026 (11.9 years).
NMS vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 11.9 years both funds cover.
NMS vs SPY Performance
Nuveen Minnesota Quality Municipal Income Fund (NMS) is an ETF from Nuveen and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year NMS returned -8.28% while SPY returned +16.29%. Year to date, NMS is down 8.57% versus a gain of 12.09% for SPY.
Over three years, NMS compounded at +6.31% per year against +21.20% for SPY; over five years the annualized figures are -3.63% and +13.37% respectively. Across the full 12-year window we track, SPY has the edge at +12.70% annualized vs -0.69%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 14.9% compared with 13.4% for NMS. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -41.8% for NMS and -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.33. They move together some of the time, and apart the rest.
Holdings Overlap
We hold position weights for 15 holdings in NMS and 504 in SPY, totalling 13.7% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 15 positions we hold weights for in NMS and 504 in SPY, against full books of 145 and 505.
You are not choosing between two funds in isolation.
Whichever of NMS and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which performed better, NMS or SPY?
Over the past year NMS returned -8.28% vs +16.29% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (12 years), NMS annualized -0.69% vs +12.70% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, NMS or SPY?
SPY has been the more volatile fund at 14.9% annualized versus 13.4% for NMS. Worst drawdown: NMS -41.8% vs SPY -34.1%.
Should I hold both NMS and SPY?
NMS and SPY have a monthly-return correlation of 0.33, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, NMS or SPY?
NMS yields 7.00% while SPY yields 0.98%, so NMS currently pays the higher dividend yield.
Is SPY better than NMS?
SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.